Wayland 1.0 was officialy released on October 22. Wayland is a protocol for a compositor to talk to its clients as well as a C library implementation of that protocol. The compositor can be a standalone display server running on Linux kernel modesetting and evdev input devices, an X application, or a wayland client itself. The clients can be traditional applications, X servers (rootless or fullscreen) or other display servers.

Everything that I have been hearing about Wayland is that is going to rock the butts off with dead light fast rendering

Then either you failed to listen or the one you heard was misinformed: Wayland ~= X.Org DRI2 extension, so if you use a toolkit which use the DRI2 extension the performance should stay the same (more or less: Wayland integrates the compositor and display in the same process: less IPC in Wayland)

and every desktop being pixel perfect.

With Weston, resizing Window should be "pixed perfect" (but resizing can be jerky), with KDE's Wayland server this is the opposite: resizing will be smooth but the content of the window can be "ugly".

As for the irrational criticisms of X: many times the blame has been on X even though the issue was with drivers, Wayland won't fix drivers issue.